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Schedule of Investments |
September 30, 2023 (unaudited) |
AmericaFirst Defensive Growth Fund |
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| Shares or Principal |
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Security Description | | | Amount ($) | | Fair Value ($)(1) |
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Common Stocks - 91.72% |
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Aerospace & Defense - 3.99% |
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Raytheon Technologies Corp. | 580 |
| 41,743 |
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Biotechnology - 14.88% |
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Biogen, Inc. (2) |
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| 630 |
| 47,212 |
Gilead Sciences, Inc. |
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| 185 |
| 47,547 |
Vertex Pharmaceuticals, Inc. (2) |
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| 174 |
| 60,507 |
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| 155,266 |
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Consumer Staples Distribution - 2.70% |
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Costco Wholesale Corp. |
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| 50 |
| 28,248 |
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Electric Services - 9.36% |
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The Southern Co. |
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| 809 |
| 52,358 |
Xcel Energy, Inc. |
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| 791 |
| 45,261 |
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| 97,619 |
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Food Products - 17.80% |
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Archer-Daniels Midland Co. |
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| 633 |
| 47,741 |
General Mills, Inc. |
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| 641 |
| 41,018 |
Mondelez International, Inc. Class A |
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| 782 |
| 54,271 |
The Hershey Co. |
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| 213 |
| 42,617 |
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| 185,647 |
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Health Care Equipment and Supplies - 13.37% |
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Abbott Laboratories |
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| 499 |
| 48,328 |
Medtronic Plc. Ordinary Shares |
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| 570 |
| 44,665 |
Stryker Corporation |
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| 170 |
| 46,456 |
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| 139,449 |
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Health Care Providers & Services - 6.05% |
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McKesson Corp. |
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| 145 |
| 63,053 |
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Health Care Technology - 5.91% |
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Veeva Systems, Inc. Class A (2) |
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| 303 |
| 61,645 |
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Pharmaceuticals - 13.10% |
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Eli Lilly & Co. |
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| 159 |
| 85,404 |
Johnson & Johnson |
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| 329 |
| 51,242 |
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| 136,646 |
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Tobacco - 4.56% |
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Philip Morris International, Inc. |
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| 514 |
| 47,586 |
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Total Common Stock |
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| (Cost $ 950,852) |
| 956,902 |
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Money Market Registered Investment Companies - 6.88% |
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Federated Hermes Institutional Prime Obligations Fund - Institutional Class, 5.43% (4) | 71,747 |
| 71,747 |
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Total Money Market Registered Investment Companies | (Cost $ 1,022,599) |
| 71,747 |
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Total Investments - 98.64% | (Cost $ 1,022,599) |
| 1,028,649 |
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Other Assets Less Liabilities - 1.36% |
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| 14,230 |
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Total Net Assets - 100.00% |
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| 1,042,879 |
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(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. |
These inputs are summarized in the three broad levels listed below. |
• Level 1 - quoted prices in active markets for identical securities |
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
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The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund's assets carried at fair value: |
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| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments (3) |
Level 1 - Quoted Prices | | | $ | 1,028,649 | $ | - |
Level 2 - Other Significant Observable Inputs | | | | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 1,028,649 | $ | 0 |
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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term |
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment |
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active |
market, such securities are reflected as Level 2. |
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(2) Represents non-income producing securities. |
(4) Investment in affiliate. The yield shown represents the 7-day yield in effect at September 30, 2023. |
